Capital city home prices drop again: the state suffering most
Australian capital city home prices have declined for the sixth consecutive month due to high interest rates and reduced buyer demand. Adelaide recorded the largest drop in median dwelling values over the past month.
Why it matters
The ongoing correction in the Australian housing market reflects broader economic pressures and the impact of monetary policy on consumer affordability.
National capital city median dwelling values have fallen across the country for the sixth consecutive month, with one state suffering the biggest drop.
Realestate.com.au’s October Home Index report author, senior economist Eleanor Creagh said “higher interest rates are weighing on borrowing capacity and buyer demand”.
“The spring selling season has not delivered the usual lift in momentum. Auction clearance rates remain soft, homes are taking longer to sell, and sales volumes remain below last year’s levels.”
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Realestate.com.au senior economist Eleanor Creagh
“Sydney and Melbourne remain the deepest corrections, but downward momentum has strengthened in Adelaide, Brisbane and Perth, where conditions had previously been more resilient.”
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